As in the previous question, use the numbers and figure three to determine the producer surplus and complete your table to correspond to the remaining columns of Table 1.The table that needs to be completed is:Types of ConsumersAcceptable Max PriceConsumers SurplusActual PriceA$70$30$40B$60$20$40C$50$10$40E$40$0$40F$30-$10$40G$20-$20$40ProducerCumulative Total SurplusProducers SurplusAcceptable Minimum Pricea $20b $20c $20e $20f $20g $20 Consumer's and Producer's Surplus in the Swimming Lesson Market (dollars)Table 1(5)(6)(4)(2)(3)(1)Instructor'sStudent'sAcceptableМаximumPriceCumulativeTotalSurplusIndividualProducer'sSurplusAcceptableMinimumPriceIndividualActualPriceConsumer'sInstructorsStudentsSurplus$110 = 50 + 60$60$30Ben$90%3DAnne$140$5090180 = 110 + 30 + 404050Debbie%3DCharles1203020902202070FrankElaine110George9022090Harriet90Irene80-1090180-30120Jack dfplos vletio Figure 3Supply-Demand Graph Showing That Price ExcludesOnly Buyers and Sellers Who Care the LeastaA$7060S'C5040e30gG2010S'14.6.78.Quantity (in thousands)1.1.1.51.3.oIf1.3.1.2.1.1.1.

Consumer surplus is the benefit that the customer receives from purchasing the commodity at a price…

Answered: As in the previous question, use the…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 2PA

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As in the previous question, use the numbers and figure three to determine the producer surplus and complete your table to correspond to the remaining columns of Table 1.

The table that needs to be completed is:

Types of Consumers	Acceptable Max Price	Consumers Surplus	Actual Price
A	$70	$30	$40
B	$60	$20	$40
C	$50	$10	$40
E	$40	$0	$40
F	$30	-$10	$40
G	$20	-$20	$40

Producer	Cumulative Total Surplus	Producers Surplus	Acceptable Minimum Price
a			$20
b			$20
c			$20
e			$20
f			$20
g			$20

Consumer's and Producer's Surplus in the Swimming Lesson Market (dollars)
Table 1
(5)
(6)
(4)
(2)
(3)
(1)
Instructor's
Student's
Acceptable
Маximum
Price
Cumulative
Total
Surplus
Individual
Producer's
Surplus
Acceptable
Minimum
Price
Individual
Actual
Price
Consumer's
Instructors
Students
Surplus
$110 = 50 + 60
$60
$30
Ben
$90
%3D
Anne
$140
$50
90
180 = 110 + 30 + 40
40
50
Debbie
%3D
Charles
120
30
20
90
220
20
70
Frank
Elaine
110
George
90
220
90
Harriet
90
Irene
80
-10
90
180
-30
120
Jack

dfplos vletio Figure 3
Supply-Demand Graph Showing That Price Excludes
Only Buyers and Sellers Who Care the Least
a
A
$70
60
S'
C
50
40
e
30
g
G
20
10
S'
1
4.
6.
7
8.
Quantity (in thousands)
1.
1.
1.
5
1.
3.
oIf
1.
3.
1.
2.
1.
1.
1.

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